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Telefónica finally gains control of Vivo from Portugal Telecom |
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Jul/Aug 2010 |
Brazilian joint venture with Portugal Telecom was facing possibility of being dissolved
Spain's Telefónica seems to have finally persuaded
Portugal Telecom (PT) to part with its 50% stake in their
Brasilcel joint venture (JV) which in turn controls 60% of
Vivo, Brazil's leading mobile telephone operator.
Telefónica wants to merge Vivo with its under-performing
Brazilian fixed-line operator Telesp to generate synergy
savings of around €3.1bn, say lawyers. |
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Stress tests helping to drive Spanish banking mergers |
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Jul/Aug 2010 |
EU driving significant sector restructuring and consolidation
It has been an uncomfortable twelve months for Spain's 45
savings banks, the cajas and caixas. Following the collapse in
March 2009 of Caja Castilla La Mancha as a result of overexposure
to the failed
building sector, the
Bank of Spain has
insisted on sector
consolidation in order
for the rest to survive. |
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Spanish project lawyers prepare compensation claims |
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Jul/Aug 2010 |
Road projects being cancelled or likely to experience lengthy delays
As part of the Spanish Government's austerity
package introduced to reduce the country's 11.2%
GDP deficit, the Public Works and Transport Ministry
(Fomento) has announced a €6.4bn cut over the next
two years for infrastructure projects both underway
and awaiting tendering. Eighteen projects will be
cancelled, 12 will be transferred to public–private
partnership arrangements (PPP), two will be funded
by other budgets and a further 199 delayed. |
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Battle for control intensifies in ACS-Iberdrola dispute |
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Jul/Aug 2010 |
Litigation in Bilbao and Madrid sees the removal of ACS member from Iberdrola's Board
Sensing an end to the Spanish construction boom
back in 2006, leading sector player ACS decided to
diversify into energy. As a result, it now owns 12.6%
of Spain's biggest energy company Iberdrola and has
stated an intention to build up its stake to 20%. To
fund this, ACS has already disposed of a 45% stake
in another energy company, Unión Fenosa, at a
€2.2bn profit and is now seeking to reduce its
holding in concessions and telecoms giant Abertis
through a leveraged buyout. |
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Alternative investment market celebrating first anniversary as listings continue |
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Jul/Aug 2010 |
Secondary market profits with expectations for main index
Spain's Alternative Investment Market (Mercado
Alternativo Bursátil – MAB) is now a year old and
has recently seen its seventh listing. Just before the
anniversary of its launch, it admitted two new
SMEs, Bodaclick and Neuron Biopharma.
Among the firms helping MAB´s growth include
Uría Menéndez, E&Y Abogados, Landwell,
Cuatrecasas, Ramon & Cajal and Dutilh. |
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After World Cup victory football wars return |
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Jul/Aug 2010 |
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Spanish football fans may still be euphoric after the national
team won the World Cup for the first time, but they may not
be seeing their national heroes on television next season.
Last year's dispute between the two companies that hold
match television screening rights, Mediapro and Audiovisual
Sport (AVS), has returned. A Madrid Commercial Court has
confirmed an earlier provisional ruling ordering Mediapro to
pay €105m to AVS, plus a further €31m in interest and costs,
as well as returning match transmission rights to it within ten
days. |
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Santander extending reach across US, Latin America and Europe |
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Jul/Aug 2010 |
Spanish banking giant looking to new markets for market share and capital
Banco Santander, Europe's leading bank by capitalisation,
continues to impress the financial world, say lawyers. While
competitors are retreating it still has its cheque book open. |
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Freshfields advises on second BBVA sale and leaseback |
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Jul/Aug 2010 |
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The Madrid office of Freshfields has advised a
consortium of real estate investment funds in the
second phase of the sale and leaseback of the
branch network of Spanish bank BBVA.
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Herbert Smith advises Magnum Capital on hospital acquisition |
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Jul/Aug 2010 |
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Herbert Smith has advised private equity firm
Magnum Capital Industrial Partners on the
acquisition of Centro Médico Teknon, Barcelona's
leading private hospital, in a deal valued at €140m
from BC Partners. |
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The promotion of the rights of children – a question of human rights |
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Jul/Aug 2010 |
New York Summit is possibly the last chance to achieve Millennium Development Goals
With only five years left until the 2015 deadline to
achieve the Millennium Development Goals (MDGs),
UN Secretary-General Ban Ki-moon has called on world
leaders to attend a summit in New York from September
20-22nd to accelerate progress towards them. Six of the
eight goals are of particular interest to UNICEF as they
explicitly link the rights of children to concrete
performance measures. |
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New Hogan Lovells Managing Partner |
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Jul/Aug 2010 |
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Hogan Lovells has announced a new Managing Partner for the firm’s Madrid office.
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Pedro Pinto expands in Lisbon |
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Jul/Aug 2010 |
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Portugal’s Pedro Pinto Reis & Associados has announced that it is to expand significantly and change its name after the integration of a group of four new partners and six other lawyers.
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